St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-03-11
On the Chicago Board of Trade Yesterday
There Was a Scramble to I'm
load Long Wheat.
4 Large Amount of Bear News and Dis
quieting Rumors Almost Gre
ated Panic,
Causing One of the Sharpest Declines
in Prices known for
Years.
Transactions in the Financial Circles
of Wall Street. General
Quotations.
Special to the Globe.

GOODNESS between members of the wheat
clique which is now operating the corner, and
the feeling against it on change to-day was
one of eXultation. Some think that there has
been a collapse in the plans, but this is doubt
full. May wheat closed this evening at $3.50
B214c, after having opened at SAC. The shorts
are in good spirits. Linn and Cudahy were
bold sellers of wheat this morning, plainly
taking for the first time position of open hos
tility TO the deal. This has determined some of
hose who have lingering idea that this was
an Armour wheat deal, and made them GER
tain that, whether weak or strong, sound or
rotten, ii is not an Armour manipulation. 1t
is also known pretty definitely that the great
Armour holding of cash wheat has been sold
for May and bought Tor September, making
II pretty certain that the cash holding will
come out in May. But still the few facts
that come out about the speculation only
serve TO further befudde the crowd. Those
who have sought to test the strength of the
clique by calling margins, have only found
that
THE MONEY WAS READY
and that margins could be called both ways.
The wheat deal looked rotten, every body said
This morning, but there never has been a sue
ceSSful deal of any sort run that did not look
rotten ar different times in its career, and
the roUtenest looking have invariably turned
put the souudeSt in the end. Reports circu-
lated by bear operators were numerous and,
until exploded, caused no little commotion.
There was one wild rumor that a staunch
commission house was "busted." 1t proba-
bly, had little effect with some wild scalperS,
but this certainly was not the reason for the
break. 1twaS currently reported that Irwin,
Green & Co Field, Lindley u Co. and George
9. Walker & Co. had sold out on the clique
openly through NJ. Rosenfeldt Co. This story
mad probably the most effect of any, but
was not really of much account in the minds
Of those who believe that all these houses are
operating Tor the same people. The drop
Mas straight down from S3c to sic, and there
Was no great amount of grain sold between.
Stop orders at SIC could not be executed until
Sic was reached, and there was vertable
panic in the pit while the drop lasted. When
he l O'Clock close came everybody stood
Iround comparing notes, anxious for an eX-
PLANTATION. 1t WAS one Of the mysteries of
his mysterious DEAL Leopold Bloom had
oeen heavy seller early, and the raid by
Ream and by the Linns was as
made under instruction. The
;alk III corn comes all from
The packing houses at the stock yards. Ev-
9rybody out there, from Nels Morris, the mill
iiOnaire, TO the superintendent and assistant
superintendent i'll Armours, Fowler's and
all :he other packing houses, are talking bull
ism and have either a "tver" or fifty
Corn has been strong because there were so
many traders who wanted to bull something
but who thought that it had gotten too late to
ldll OulO lllt NDtol Ut2l. 1UeTC are over
4.UUO00O bushels of No. corn here ut Chi
cago ami the receipts are not small.
THE ROUTINE REPORT.
CHICAGO, March 10.-The wheat market
had Il wicked temper to-day. The scenes of
excitement which accom- panied the sharp ad-
vance of the preceding three days were
rivaled shortly after II O'clock, when there
was \ wild scramble TO unload long wheat
Oh failing market. There was IL large
amount OF bear news and disquieting rumors
which provoked sort of half panic and
caused one of the sharpest declines in prices
that the trade has known for years. May de-
livery dropped 10 sic, showing Il full decline
Of &c from the top figures of yesterday
Operators who had become confident i'm their
views that Il corner in May wheat was pro-
jcctcd were divided in their views as TO
whether the clique had sold its holdings or
was supply allowing the market to drop
Lack il order to shake out all the small
dealers. Enormous quantities of wheat were
thrown upon the market by local houses for
customers on stop" orders, and where mar
{. gins had expired. The market opened This
morning with May 1T s4lsc, or &c lower than
last night. A rally to $3.50 followed, hut
under the pressure of large offerings the
price broke OF to $50. Considerable ''long''
wheat was sold on the down turn, but the
impression was that it was outside and scat
tered lots, and not wheat belonging to the
bull clique. rally to S334c succeeded, with
lliOfe COuHucHCc pciiS SuOWu by operators.
1t was reported that the proposed duty on
wheat to France was to go into effect and
this helped the depression. The government
report showing the amount of wheat on hand
10 be in excess OF the supply one year ago
wus also regarded as Il strong bear argument
While these statements may have had their
effect, 1T was noticed that several of the
former big bear operators had commenced to
throw very large quantities of wheat on the
market. Half-miliion bushel lots were Of
fered by one or two prominent bears, and
when the panic was near its height the rumor
was started that several houses had failed
The result was that prices fell Off in the
Sharpest manner imaginable until May had
reached sic. A reaction to &c followed,
where the market rested at / D. III. The
rumor of the failures was disproven in the
afternoon and the market rallied to S24 and
closed for the day at s21a@s214c. Corn ruled
strong, and despite the big break in wheat
maintained its prices fairly well. The demand
was active on both local and outside accounts
with "shorts" buying freely. The starting
price for May was 41%c, from which it ad-
Vanced to 421ac, then broke Off to 4l1ac, dur
ing the panic in wheat and closed for the day
ut 4l3sc. Oats ruled quite firm and closed at
yesterdays figures. There was very little
doing in mess pork and there was no quotable
change in prices. Lard was again active and
strong, advanced 10000 per 100 lbs., fell
back, but closed fully Toe higher than yester-
day. Short ribs were a shade easier.
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. 2, March, 7S14c, closing at 1914
D7Ga4c; May. S41sc, closing at S2M@s2}4c;
June, s2ssc, closing at S15sc; July, SIC,
closing at sic. Corn-No. 9. March, 36%c,
closing at 3634c; May, 4l5sc, closing at 4I15c;
June, 41s4c, closing at 41s1c: July, 43c,
closing at 1890. Oats-No. 2, March, 24ssc.
closing at 24Ac; May, 1890. closing at 2s14c:
June June sssae, closing sing at 60: ss y Mess
at $20.10; May, $2O.5O, closing at S2O.5O; June,
5000, closing at 5000. Lard, per 100 pounds
March, $3.50, closing at S7.S5: May, 1922,
closing at IS; June, SIS, closing at $s.O5.
Short ribs per 100 pounds-March, $3.50.
closing IN e. at $3.50; May, SO, closing
Cash quotations were as follows: Flour quiet
and unchanged. Wheat--No.2 spring, 1870
TIC; No. spring, nominal; No. 2 red nom-
inal. Corn-No. 2, 361403S59c. Oats-No. 2,
E41ac. Rye-No. 2, 54c. Barley-No. 2. 1870
seed, S1.S2@1.sS. Mess pork. per Dbl, $50 10.
Lard, per 100 lbs, S7.S5. Short ribs, sides.
loose, SS.S5; dry sailed shoulders, boxed, Sc
&6.25; short clear sides, boxed, SS.S5@S. go.
Whisky, d1stillers' finished goods, per gal,
Pills. Sugars, cut loaf. .6A@6Yc: granu-
lated, &c; standard IA" 51l@55Sc Re-
ceipts-Flour, 1900 bbls; wheat, $4,000 bu;
corn, IA, O0C blu; oats, Ill 900 blu; rye. 5000
bu; barley, $4,000 BIZ. Shipments-Fiour,
$4,000 bbls; wheat, 10000 blu: corn, 1884,
600 blu: Goats, $4,000 bu: rye, none: barley,
$4,000 blu. On the produce exchange to-day
the butter market was steady; creamery,
25931c per b; dairy, 24@2Sc; eggs, 14@l4%c.
PETER BERKEY. Pres. +. W. ANDERSON Cashier
CIV .GRIGGs, Wires. A. c. ANDERSON, Asst. G
THE ST. PAUL NATIONAL BANK
CAPITAL. 100000.
Corner Fifth and Jackson streesa
MICHAEL DORIAN e, 90